How Employees Could Get Paid On-Demand | DailyPay | FF News at Money20/20 USA

Is paying employees on-demand possible? 

With this fintech startup it could be. 

At this year’s Money20/20 USA we spoke to the CEO of DailyPay, Stacy Greiner who explained how they’re providing on-demand wage access, allowing employees to access their earnings instantly, directly addressing financial stress for those living paycheque to paycheque. 

Of course, this needs employer buy-in to be effective and Greiner unpacks a number of enviable benefits this product could provide. It’s a really interesting proposition and recently launched in the UK too. Read on to find out more.

Responding to financial strain

According to Greiner, DailyPay’s core mission is to eliminate the wait for payday, which can be a significant financial strain for many Americans. Around half of the U.S. population experiences financial stress due to delayed paychecks. This often means that workers face challenges in covering everyday expenses, such as transportation costs to work. Some workers even end up taking additional, gig based jobs with immediate payouts in order to cope which in turn causes productivity losses for traditional employers.

DailyPay tackles this issue through “earned wage access”. This allows employees to access earned income whenever they choose, helping them to meet daily expenses without waiting for the traditional pay cycle. This model also helps employers retain productivity by reducing absenteeism and improving worker engagement.

Measurable Impacts on Employees and Employers

Yes, it’s not just employees that stand to gain from this. Greiner explained that companies partnering with DailyPay see significant improvements, both for their employees and the business itself. Employees benefit from avoiding costly financial alternatives, like overdraft fees or payday loans, which can negatively affect their focus on work. 

In turn, employers experience enhanced retention rates among frontline workers—a sector where turnover is notoriously high. Greiner shared that DailyPay reduces turnover by up to 72% across its client organizations. This retention improvement also aids recruitment, with some employers actively promoting DailyPay benefits with signs like “work today, get paid today.” As a result businesses gain a more stable, committed workforce.

Expanding Their Offerings

This isn’t the only way DailyPay helps. To further support financial wellness, DailyPay has expanded into additional products based on client feedback. One notable addition is their DailyPay card, which offers employees a dedicated place to store their accessed earnings, along with features like cashback rewards and credit health monitoring. DailyPay has also introduced an international remittance feature in partnership with Visa, enabling users to send money to friends and family in over 70 countries. By integrating these services directly into the platform, DailyPay aims to provide a holistic financial wellness solution, meeting employees’ needs in real-time.

Global Expansion and the U.K. Launch

Of course, many people will be reading this and thinking, ‘hang on, this is probably valuable in the UK too’. Well, in an exciting move, DailyPay recently extended its services beyond the U.S., beginning with the U.K. 

Greiner explained that the challenges associated with living paycheque to paycheque are not unique to the United States. In the U.K., employees often face even longer waits, with monthly pay cycles leaving many financially vulnerable. The expansion was driven by demand from existing clients with international operations, who have seen the impact of DailyPay in the U.S. and requested similar support for their overseas employees. This move reflects DailyPay’s commitment to addressing a global need for flexible, on-demand pay solutions that ease financial strain.

It’s a really interesting product and something we could definitely see the potential in. Stay tuned for more videos from our time at Money20/20 USA in Vegas.